Fast facts: survey results

Fast facts: survey results

In the spring of 2014, KPMG International surveyed global insurance clients and delegates of the International Insurance Society conference held in London. Our research indicated that, to date, insurers have largely embraced digital capability as a supplement to existing customer service channels. However, the research also clearly identifies an aim by those surveyed to use digital technology to drive transformational change, provide opportunity for sustainable differentiation, and increase sales considerably.

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Global Head of Insurance

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Yet around the world we still see many insurers and intermediaries focused on product and channel silos, facing significant challenges from legacy systems rather than unlocking value for customers and investors. This suggests the need for more than digital transformation. Such a transformation represents a massive cultural change.

The infographic below highlights our survey findings, and illustrates some of the challenges and opportunities as insurers and reinsurers embrace new technologies and leverage the vast amounts of data now available.

Turning strategy into action
There is a desire towards a more strategic use of digital technology with a
108% increase in those that will use digital technology to enter new markets. 43 percent more plan to use digital to deliver new products and services.
more plan to use digital to optimize their supply chain potentially changing operating models.
Almost 50 percent see improved implementation of strategic change as the greatest benefit from investment in D&A initiatives followed by greater insights into customer needs.
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While 69 percent have a digital strategy beyond a website only 37 percent say their digital initiatives are fully aligned to company strategic objectives.
believe the regulatory environment does not yet support product and channel innovation.
said the leading concern regarding analytics is capturing reliable data.
35% believe integrating data technology into existing systems and operating models is the biggest challenge to capturing data.
Over half identified human barriers to implementing a D&A strategy.
31 percent see data security as being most impacted by digital, followed by customer relationship management – 20 percent; and standardization and automation of IT systems – 16 percent.
Not surprisingly, risk drives investment in digital capabilities – with more respondents identifying investment in data and cyber security than any other area of the business.
We identified 5 focus areas for insurers looking to business transformation enabled by technology:
1. Focus on people
2. Don't be afraid to fail – but learn to fail swiftly and safely
3. Be nimble – agility is king
4. Embrace risk
5. Keep a sharp eye on emerging trends

Research conducted globally May through July, 2014.

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